Posted on 3 Mar 2022
Clarity Stack Secures £1.67m in Latest Investment Round
Award-winning SaaS platform, Clarity Stack, have raised £1.67M investment from Fuel Ventures in their latest investment round to expand their presence globally and help more clients grow their businesses. Clarity Stack (formerly known as Meet Hugo until a rebrand in December 2021) provides a complete suite of business tools built on cutting-edge technology. This is complemented by a team of expert in-house researchers tasked with providing clients with the data, insights and high-quality leads that will increase their sales. Since 2018, the company has served more than 2,000 clients around the world and employs more than 30 people across the two offices in the UK - in Warmington near Peterborough, and in a brand new office space in Leeds - and also in its office in Florida. The company powered on through the pandemic, keeping all members of staff in full-time remote employment and even taking on more employees, and this ambition has continued to shine through which helped to seal the investment from the highly regarded Fuel Ventures.
"This is a company we have to invest in"
Speaking about the decision to invest, Shiv Patel from Fuel Ventures said: “Typically we only make around 10 investments each year from our main fund, so this shows two key things. First, the conviction we have developed in our meetings with Clarity Stack and second, how big of an opportunity we see in this industry. We’ve looked really heavily into the space over the last two years and have never had conviction in the other companies we’ve seen, but this is the first time where we’ve all come off a call and said this is a company that we have to invest in.”
Ben Harper, the founder and CEO of Clarity Stack, was understandably thrilled about the investment and said: “We’re delighted to close this round, and think the alignment between us and Fuel is going to be the perfect match for us as we look to expand quickly. We’ve reached £2m ARR whilst bootstrapping, and now want to take the next step in our business’ journey.
“Clarity Stack’s mission is to help businesses sell better, and our solutions are perfect for any B2B business. 76% of businesses achieve a positive ROI by using our data within 3 months, and we believe we now have the rocket fuel we need to reach new markets, work with more businesses, and accelerate our growth.”
What the investment means for Clarity Stack, and our subscribers
The investment will largely be used to grow Clarity Stack’s presence globally, as shown by the investment in locations both at home and in the US, while also helping to power innovation and the products available to subscribers with more sales data and insights made available as the product and brand continues to evolve.
The Mill at Warmington, the main Clarity Stack office
Shiv Patel went on to add that “We’ve really bought into the business model and their plans for the future. More importantly, what they have achieved in a short amount of time with very limited capital into the business has shown us that they know how to allocate cash whilst running a tight ship. Our investment will help them to find new areas of growth and invest heavily into the product, so future growth can be maintained at the speeds they’re currently going.
“Whilst there’s a huge amount of work that we will need to help deliver alongside the Clarity Stack team, we believe our experience from our portfolio and previous ventures will be able to guide and assist them. Furthermore, the potential of this market is enormous - there’s nothing stopping Clarity Stack from eating their competitors' lunches moving forwards.
“Clarity Stack has the potential to be the upstart in the market. We love backing companies where other investors may see huge risk through a variety of reasons. Our portfolio attests to this!”